Why You Should Consider A Franchise Business
We live in a world of possibility. Whatever your dreams are, it’s not only possible to make them come true; there are various paths you can to reach them.
- To some people, the best route is to find a company to work for, and slowly work their way up.
- To others, the best option is to start their own business.
- And for others, the best option is to fall somewhere between these two, though slightly further to the entrepreneur side, and open up a franchised business.
This option is sometimes forgotten by people, but is one of the best options out there, for a number of reasons that we’ll see below. If you had any doubts about whether it was the right thing to do, take a read – you might just find that you’re convinced by the time you reach the end of the article.
Increased Chances of Success
It takes a brave person to open their own business. It takes a lot of hard work, and there are far from any guarantees of success. Indeed, if anything, there’s more a guarantee of failure, depending on what type of business you’re operating. It’s just a fact that the majority of business don’t make it to their fifth birthday.
The rate of success for franchised businesses is much more encouraging; some estimates put the number of franchise businesses that are successful somewhere in the region of 90%, though it’s probably more likely to be around 70%. Still, encouraging numbers.
Help Getting Underway
If you were to start your own business, you’d have to become pretty talented at a lot of little tasks. There is, simply, just so many things that you have to take care of on your own when you’re trying to get a business underway.
When you’re running a franchise, there’s still a lot to do, but you’re not out there all on your own. The company that you’re franchising will give you a lot of support, training, and resources to make your business a success.
You won’t have to fret as you near opening day that you’ve forgotten something important, as for the most part you’ll be following a formula that leaves little to chance.
Some Battles Already Won
Opening a new business isn’t easy. One of the biggest hurdles to overcome is getting people to understand what you’re all about. A person could walk past your business a dozen times, and still not fully understand what goes on behind the door.
When you’re running a franchise, there’ll be no such issue. You’ll have the weight of a well-known name behind you. When people see your business, they’ll know exactly what’s going on inside, because they’ve seen the same business operated elsewhere.
Getting people’s attention is the bane of the life of new business owners. When you’ve got an instantly recognizable name, you’ve already won that battle.
Support From Others
It’s not just from the parent company that you’ll receive support, either. There are companies that specialize in certain aspects of running a franchise business, such as franchise marketing.
By working with them, you’ll be able to focus your energies on making your business the best that it can be, safe in the knowledge that one of the most critical aspects of running a franchise is being handled by the experts.
Being Your Own Boss
You’d think that the desire to be rich would be one of the more influential driving forces behind starting your own company, but actually, this is normally second or third on the list of priorities. Most people want to set up their own business because they’re sick of working for someone else.
Some people have a high tolerance when it comes to working under someone else. They accept it. For others, there’s an upper limit, and when that limit is reached, they want to do their own thing. In this regard, franchising is a terrific option.
It gives you the freedom to be your own boss, but with a guiding hand, that’ll reduce the chances of failure.
The Financial Aspect
However, while the desire to be rich isn’t always the most dominant factor, there is good news on this front, too. Because you already have an audience that knows who you are, and there’s a well-established method of making the business profitable, there’s a lot of potential to earn a good salary.
Of course, this is far from guaranteed; but for the most motivated workers, all they need is potential. It’ll be up to you to work hard and get things right. If you do, you’ll be rewarded with more money.
This is a far cry from most jobs, where you’re paid the same even if you make big money for the company. The better you do, the more money that’ll end up in your bank account.
It’s Tried and Tested
If you want to set up your own business, then, well, you’ll need to just hope that it’s the right thing to do. There aren’t going to be any past examples that you can point to for inspiration, because the company you would be setting up has never been done before.
This isn’t the case with a franchised business. You’ll be able to look at examples of other people who have done the same thing, and made it a success.
Perhaps one day you want to create your own company. In that case, a franchised business is a great way to learn the basics of how things in the business world are done.
There are plenty of benefits to running a franchised business, as we’ve seen above. Indeed, it’s a wonder why more people aren’t doing it.
There are downsides, of course, but when you tally up the pros and cons, it’s usually weighted pretty heavily on the pros side.
So if you’re looking for a relatively risk-free way to enter the business game, take a look at franchising. It’s best to pick a company with which you’re already familiar or to work in an industry that you have a particular interest in.
Have you ever considered becoming a Franchisee or Franchisor?